[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for FAR.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[mckan514w]

Another early morning of what is going to be a long day of effing FAR. I don't know how I am going to make it to next Friday and still have any brain let alone energy left. (Friends too for that matter)…. sigh. All right guys lets do this! Have a productive day…

PS: I would advise against resetting Mtayo- I re-set first go round with BEC and I think it ended up giving me a false sense of security near the end… or maybe I am still just grasping at straws 🙂

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[Mscfisher]

@mckan your dedication is so inspiring. I think i need 2 more weeks. But i just moved my exam from Friday to Saturday in hopes that one extra day so bring a few extra points. I still have countless questions left but the concepts and slowly sinking in so i feel about 50% prepared.

[mckan514w]

ALL of our dedication inspires me MScfisher! Seriously I have never look at people with the CPA designation the same since I started this process… You make it through this you can do anything! ha ha ha… I am just so thankful that I was able to move my test back- was suppose to sit today and THANKFULLY a spot NEXT friday opened up. I am still shaky on every single topic… the thing that seriously sucks is I think I know the concepts but then I read MCQ's and my mind goes blank…. hang in there… and GOOD LUCK SATURDAY!!!

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[mtaylo24]

OK, here is my personal challenge for the day…

10 20 MCQ sessions (200 questions)
12 simulations
a read through at least half of Ninja notes or Focus notes

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[Anonymous]

Another day staring at my screen. Repetition Repetition. must do more must do more. Concepts concepts.

FAR is the hardest and I will conquer. I am going into Prometric to conquer and thats just how it is going to go.

Kill or be killed

[emichelle2321]

Today is bonds/pensions focused for me. Plan is to study all day with a fresh brain and then stay at work late and get my actual job duties done once my brain is fried haha. We can do this!

[emichelle2321]

Here's a question I keep going back and forth on, anyone??

Leases – with a sale-leaseback when do you defer or recognize a gain on the sale for 1) GAAP 2)IFRS

[mckan514w]

1. think GAAP if it meets the standards of a capitalized lease then you defer if not then recognize immediately…?????
2. IFRS heck if I know will have to look up

Good GOD I can't keep it all in my head…

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[mckan514w]

Im working on leases this afternoon after plodding back through capitalized interest…

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[emichelle2321]

For some reason I really suck at capitalized interest.

Feel free to share your wisdom when you get through that one haha

[Mscfisher]

So for GAAP you recognize based on the percentages of rights retained. For ifrs is similar for operating leases. For ifrs , finance leases u defer and amortize over the lease term.

[Anonymous]

Sale-Leaseback – entire gain is deferred and amortized when the PV of Minumum lease payments is greater than 90% of FV of lease asset. Substantialy all rights retained

PV of min payments greater than 10% of FV of asset but less than 90%. Gain is deffered up to Pv of min payments and excess is RECOGNIZED IMMEDIATEL. Greater than minor but less than substantially all
l

PV of min payments less than 10% ALL GAIN IS RECOGNIZED. less than minor portion of rights retained

IFRS

Operating lease Sales price at FV= all gain recognized

Sales price below FV=all gain recognized

Sales price above FV= gain deffered and amortized

Capital lease= all gain deffered and amortized

[mckan514w]

Good stuff here guys thanks!!!! Leases for some reason always confound me- which is stupid because they aren't that hard comparatively 🙂 . @emichelle2321 not sure my review of Cap-I provided me with any wisdom to share ha ha ha ….

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[The_TURK9311]

Could someone help explain to me the reason why a Gain on sale on AFS Investments decreases the amount in the Operating Activities section of the CF statement?

I have memorized that a loss results in an increase and a gain a decrease but can't conceptually wrap my mind around it.

Any help would be much appreciated! Thanks!

[mtaylo24]

80 Ninjas
60 Gleims
12 Gleim Sims
but only 1/4 of Focus notes.

I'm hoping that I can keep this party going and don't crap out when I get home from work like yesterday.

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[Author]

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